21min chapter

Statistically Speaking cover image

Communicating Uncertainty: How to better understand an estimate.

Statistically Speaking

CHAPTER

Challenges and Importance of Presenting Statistics

This chapter delves into the challenges and significance of presenting statistics, particularly in the realm of national accounts. It highlights the complexities in measuring the economy through various approaches, stresses the need to address uncertainty for informed decision-making, and emphasizes the reliance of policymakers on statistical forecasts. The discussion also touches on the process of estimating GDP, integrating diverse data sources, managing revisions, and communicating uncertainty effectively, especially during unprecedented events like the pandemic.

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